RUSH ENTERPRISES INC \TX\ (RUSHA) FY2025 10-K Annual Report
RUSH ENTERPRISES INC \TX\ (RUSHA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
RUSH ENTERPRISES INC \TX\ FY2025 10-K Analysis
Business Overview
- • Core business: Integrated retailer of commercial vehicles and related aftermarket services through 126 Rush Truck Centers in 23 U.S. states and Ontario, Canada
- • New emphasis on CNG fuel systems via joint venture with Cummins and expanded vehicle telematics product offerings
- • Strategic focus on growth via acquisitions and new dealership openings to broaden geographic reach and product lines
- • Employee count totaled 7,937 (7,355 U.S., 582 Canada) with turnover improving to 26.0% in 2025 from 30.5% in 2024
- • Aftermarket Products and Services drove 33.9% of total revenues ($2.523B) and accounted for 63.7% of gross profit, reflecting focus on higher-margin services
Management Discussion & Analysis
- • Operating cash flow $861.8M in 2025 vs $619.6M in 2024, net income $266.0M vs $305.0M
- • Capital expenditures $399.8M in 2025, including $289.6M for commercial vehicle purchases
- • Dividends paid $58.3M in 2025, new stock repurchase program authorized for $150M but no shares repurchased yet
- • Largest financing debt: $380M under PFC Floor Plan, $263.7M under BMO Floor Plan as of Dec 31, 2025
- • Management expects $300M-$350M commercial vehicle purchases for 2026; key risks include economic cyclicality and credit availability
Risk Factors
- • Regulatory risk: Potential repeal or weakening of state motor vehicle dealer laws could allow manufacturers to terminate dealership agreements without cause, threatening core revenue sources
- • Geopolitical risk: 25% Commercial Vehicle Tariffs on certain imported vehicles and parts may increase prices, risking order cancellations despite expected price increases well below 25%
- • Operational risk: Dependence on PACCAR and Peterbilt for majority of revenues and financing; loss of dealership agreements due to change of control could materially disrupt operations
- • Market disruption risk: Emerging electric drivetrain vehicles could reduce parts and service demand, threatening aftermarket revenue as all represented manufacturers offer electric commercial vehicles
- • Financial risk: $1.11 billion new commercial vehicle order backlog subject to cancellations, risking revenue and earnings volatility despite current confidence tariffs will not significantly impact backlog
RUSH ENTERPRISES INC \TX\ FY2025 Key Financial MetricsXBRL
Revenue
$7.1B
▼ -5.2% YoY
Net Income
$264M
▼ -13.3% YoY
Gross Margin
20.7%
▲ +12bp YoY
Operating Margin
5.6%
▼ -71bp YoY
Net Margin
3.7%
▼ -35bp YoY
ROE
12.0%
▼ -223bp YoY
Total Assets
$4.4B
▼ -4.1% YoY
EPS (Diluted)
$3.27
▼ -12.1% YoY
Operating Cash Flow
$862M
▲ +39.1% YoY
Source: XBRL data from RUSH ENTERPRISES INC \TX\ FY2025 10-K filing on SEC EDGAR. All figures in USD.
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